Since upgrading to Safari 5.1.1 none of the websites I am visiting is displaying Favicons. I had a look in ~/Library/Safari/Icons to try and reset these but noticed that the file/folder doesn't exist, so the problem is not related to the caching.
This was working fine in a clean install of Lion before upgrading to 10.7.2. Even installing Glims and setting the icons to display in the tab headers did not fix the problem.
Is anyone aware of a fix for this, or whether this is a known bug?